As far as the Indian government is concerned, Bitcoin, Ether, and other cryptocurrencies have firmly established themselves. Still, several significant issues need to be addressed first. Cryptocurrencies, like Bitcoin and Ether, pose a considerable threat to the economy, individual investors, and the safety and security of a country because of these issues. On Saturday, Prime Minister Narendra Modi chaired a meeting on the future of cryptocurrencies, in which these worries were reaffirmed. As a result, the government is likely to take harsh regulatory measures shortly. When it comes to India’s crypto market, there was no positive news for those who had hoped.
There was a meeting on cryptocurrencies in India, and here are some of the highlights:
1) Concern was expressed over suggestions that people make significant profits on bitcoin investments based on false information.
2) According to government officials, “money laundering and terror financing” cannot be permitted to take place in uncontrolled marketplaces.
3) Over-promising and non-transparent advertising should be prohibited to avoid misleading the youth. Strong regulatory measures are likely to be taken in the future.
4) The government is aware that this is a constantly changing technology, and it will be vigilant in its monitoring of it and taking action.
5)There was agreement that the government’s actions in this area would be forward-looking and progressive.
6) Proactive engagement with experts and other stakeholders will continue to be an essential part of the government’s work.
7) Since the issue is global in scope, it will necessitate worldwide cooperation and joint efforts. Inquiries were made to experts across the country and around the world. In addition, best practices from around the world were examined.
8) A thorough study was carried out by the RBI, the Ministry of Finance, and Home Affairs.
9) The Reserve Bank of India (RBI) has frequently stated that cryptocurrencies constitute a severe danger to the country’s macroeconomic and financial stability.
India does not currently prohibit the use of cryptocurrencies like Bitcoin and Ethereum. In early March 2020, the Supreme Court ruled that the RBI’s circular banning cryptocurrency was unconstitutional. After that, the Reserve Bank of India (RBI) stated that it would create an official digital currency for the rise of cryptocurrencies like Bitcoin.